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REAL ESTATE

Red Sea Housing signs MoU with AECOM for modular housing solutions in Saudi Arabia
August 17, 2017

Red Sea Housing Services (RSH) has signed a memorandum of understanding (MoU) with AECOM Middle East to collaborate in delivering modular affordable housing solutions in Saudi Arabia.

Under the terms of the deal, RSH will manufacture and deliver modular building units from its facility while AECOM will be responsible for designing, engineering, planning, and project managing the housing"...

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King Abdullah Foundation builds villas for 1,200 families
August 13, 2017

About 1,200 poor Saudi families will benefit from a new housing project, which is being implemented by King Abdullah Bin Abdulaziz Foundation for Development Housing.

“The project will be completed shortly and the selected families will move in to their new homes next year,” said Dr. Ahmed Al-Arjani, the foundation’s secretary general.

He said the new homes are designed in the form of villas, which will have separate living"...

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SR800m compensation paid to expropriate homes in Al-Mosouwarah
August 10, 2017

Essam Abdullatif Al-Mulla, acting mayor of the Eastern Province, said that the compensation for expropriation of nearly 500 homes in Al-Mosouwarah neighborhood in Awamiyah of Qatif in the Eastern Province reached more than SR800 million.

Addressing a press conference on Wednesday, Al-Mulla said that the project to develop the neighborhood would begin after completion of demolition of all the 488 houses.

“So far more than 80 houses"...

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Construction sector in EP faces nervous lull
August 7, 2017

Real estate prices in the Eastern Province have declined sharply, causing a nervous lull in the construction industry and bringing down drastically the price of construction material.

According to real estate agencies, prices of land and houses have been declining sharply since the end of 2016. The market was hopeful that the beginning of the year would see stability in prices but the first quarter results showed worsening figures.

According"...

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Madison Realty Capital Provides $300.0 Million Construction Loan for Ceruzzi Properties’ Luxury Condo Development at 138 East 50th Street
August 4, 2017

(ME NewsWire)-- Ceruzzi Properties (Ceruzzi) and Madison Realty Capital (MRC) announced the closing of a $300 million construction loan for completion of a major mixed-use development at 138 East 50th Street in the Midtown East neighborhood of Manhattan. MRC, an institutionally-backed real estate investment firm focused on real estate equity and debt investments in the middle markets, provided the loan for the project, which"...

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SELECT GROUP Awards Main Contract for Jumeirah Living Marina Gate
August 1, 2017

UAE based Select Group has appointed ALEC, the multi award winning company for the main works of Jumeirah Living Marina Gate, its flagship waterfront development in Dubai Marina. The current contract valued at AED 600 million brings the total project value for The Residences at Marina Gate to AED 1.6 billion.

Launched in Q1,2017, Jumeirah Living Marina"...

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Dubai, Riyadh, Jeddah among top 'cities to watch'
August 1, 2017

Leading real estate investment firm JLL today released the results of a study on the hospitality landscape across 106 global cities, with Dubai, Riyadh and Jeddah placed on its list of 'cities to watch'.

“There has been a significant shift in the hospitality industry globally as the markets are continuously evolving with the industrial revolution 4.0 now in its implementation phase. At JLL, we have been able to witness this change in the"...

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RAK Properties Reports Record Half-year Results
July 27, 2017

Leading property development firm RAK Properties PJSC has announced record half year results, with revenues exceeding (AED 211 Million). The reported half-year figures reveal an increase from (AED 39 Million) to (AED 62 Million) in net profits from January to June 2017 – an increase of 59% compared to the same period last year.

The firm,"...

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Riyadh real estate market continues to ‘soften’
July 18, 2017

Riyadh real estate market continued to ‘soften’ in Q2 2017, with further declines in performance across all sectors, JLL, the world’s leading real estate investment and advisory firm, said Monday in its Q2 2017 Riyadh Real Estate Market report.

In the retail sector, shopping centre owners remain positive and continued with expansion plans, with a sharp focus on ‘shoppertainment’. While some owners are looking to encourage"...

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Arabia CSR Network to host GRI and CSR trainings from Sep to Dec
July 18, 2017

The Arab Region’s leading think tank and sustainability centre Arabia CSR Network will hold a host of trainings in the second half of 2017. Starting with a certified training on GRI Standards in July and a few more of the same in September and December, ACSRN will offer more trainings to build capacity of individuals and organisations in CSR and sustainability. A two-day training on Integrated Reporting will"...

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